Assessing product liability in the digital age
Is EU product liability directive 85/374/EEC still an adequate tool in a world of smartphones and driverless cars? Following a lengthy formal evaluation, the European Commission is set to unveil its findings imminently. The insurance industry has come out fighting.
Gallagher takes minority stake in Czech broker Renomia
Gallagher has purchased a minority stake in Czech-domiciled insurance broker Renomia for an undisclosed sum.
AIR expands European inland flood model
Catastrophe risk modeler AIR Worldwide has broadened its inland flood model for Central Europe to include Poland.
Allianz sells Spanish distribution rights to Santander for Eur936mn
Allianz and Banco Santander have entered an agreement for the German insurance giant to end its participation in Allianz Popular – its life insurance, pensions, asset management, and non-life insurance in business Spain for Eur936.5mn ($1.07bn).
Twelve Capital launches own ILS funds in Europe
Twelve Capital, an insurance-focused investment manager, has broadened the product base it offers to ILS investors under its own brand – including cat bonds and collateralised reinsurance.
Swiss Re confirms ReAssure London listing set for July
Swiss Re’s closed life book consolidator ReAssure is set to go live with its initial public offering (IPO) on the main market of the London Stock Exchange in July, the reinsurer confirmed today.
Lemonade launches in Germany as IPO rumours circulate in US
New York-based insurtech Lemonade has entered the European Market with the launch of its contents and liability insurance product in Germany, backed by a reinsurance arrangement with Axa.
BHSI launches hub in Paris
Berkshire Hathaway Specialty Insurance (BHSI) has opened an office in Paris, with a license to begin underwriting in France immediately.
Perils ups Dragi-Eberhard losses to Eur798mn
Loss aggregation firm Perils has pegged property damage losses from extratropical cyclone Dragi-Eberhard at Eur798mn ($899mn).
European P&C rates vary 15% as market firms: Aon
Property and casualty rate changes in Europe range from negative 5 percent to positive 10 percent, depending on sector, geography, and client risk profile, as the continent enters a “firming environment,” according to Aon’s latest survey.
FSCS to pay out £6.9mn following Alpha collapse
The Financial Services Compensation Scheme (FSCS) is to pay out a total of £6.9mn ($8.7mn) to customers of failed insurer Alpha Insurance A/S following the unrated Danish insurer’s collapse.
Run-off to drive further consolidation in Europe: Moody’s
As European life insurers find it difficult to achieve organic growth, many are opting to place or buy run-off portfolios, according to the latest report from Moody’s.
EC approves £190mn JLT Aerospace deal with Gallagher
The European Commission has formally approved Gallagher’s £190mn acquisition of JLT’s aerospace division, The Insurer can reveal.
Korean Re expands into Switzerland
Korean Reinsurance Company is set to launch Korean Reinsurance Switzerland AG – its new subsidiary based in Zurich – with the hire of Markus Eugster to lead the operation.
Deutsche Rück 2018 profits triple in 2018 as underwriting losses narrow
German reinsurer Deutsche Rückversicherung AG has reported an operating result before tax of Eur78.2mn ($87.4mn) in 2018, more than triple the Eur24mn it reported in 2017.
THB names Munich Re’s Thurnim as Europe treaty director
AmWINS-owned (re)insurance broker THB has appointed Zamira Thurnim as treaty director of THB Europe, effective immediately.
Skuld remains above water despite 2018/19 profits leakage
Scandinavian P&I Club Skuld saw its bottom line drop by 81 percent for the financial year ending 20 February 2019 as difficult trading conditions and a handful of large claims took their toll.
Bermuda expects blacklist removal this month after EU group backing
Bermuda has been recommended for removal from the European Union’s blacklist of non-cooperative tax jurisdictions by a key EU group, with the island’s officials telling The Insurer they expect to be taken off the list within weeks.
Wallin exits Hannover Re with strong P&C Q1
Hannover Re’s long-serving executive Ulrich Wallin has celebrated his last day as CEO by unveiling strong first quarter results at the industry’s fourth-largest reinsurer.
Argo names Serra Italy CUO
Argo Group’s Italian carrier – ArgoGlobal Assicurazioni – has named Marco Serra as chief underwriting officer for Italy, effective immediately.